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2016 Full Year Results
Gulf Marine Services
28 March 2017 | www.gmsuae.com
This presentation has been prepared by Gulf Marine Services PLC (the "Company") and comprises the slides for a presentation to analysts concerning the Company. This
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2
Disclaimer
IntroductionDuncan Anderson
CEO
3
4
Overview of GMS
Cost-effective technically advanced fleet
Operator of a fleet of 15 self-propelled self-elevating support vessels (SESVs)
SESVs provide a stable platform from which clients perform a wide range of
activities throughout the lifecycle of the offshore oil, gas and renewable energy
projects
Small, Mid-Size and Large Class SESVs are capable of supporting worldwide
operations in variable water depths (45m – 80m) and weather conditions
All self-propelled, four-legged design, with fast jacking and accurate
positioning equipment
With specific characteristics (accommodation capacity, crane tonnage,
deck space, leg size, well intervention capability) that increases
attractiveness to clients
Development of cantilever system offers a wider range of services
Serving blue chip clients in MENA and North West Europe regions
Operational expertise from experienced management team and workforce
In-house construction facility to maintain, modify and build our vessels
Expanding capability through technological innovation
5
2016 Full Year Results Summary
Performance in line with expectations
Adjusted EBITDA
US$ 106.8 million
SESV utilisation of 70% despite a challenging
market
Six new contracts since interim results
(including two long-term)
Secured backlog of US$ 209.2 million as at 1
March 2017
New build programme completed with two
SESVs delivered
Development and installation of a pioneering
cantilever system on GMS Evolution
Strong HSE performance maintained in a busy
year
Expect to deliver previously announced
annualised cost-savings initiatives
Adjusted EBITDA Margin
60%
Full Year Dividend
1.61p / share
Contract Backlog
US$ 209.2 million
6
Market Prospects
Well-positioned to capitalise on market recovery
Increasing tender opportunities in core regions of
Europe and the Middle East
Clients expected to return focus to production targets
Opportunities in decommissioning and renewable
energy sectors, Europe
Cantilever capability will further expand prospects in
well intervention operations (Q2 2017 onwards)
Financial Review John Brown
CFO
7
(US$m) 2016 2015 % Change
Revenue 179.4 219.7 -18%
Revenue from SESVs 178.5 215.3 -17%
Revenue from non-core assets 0.9 4.4 -80%
Adjusted Gross profit 95.6 132.2 -28%
General & Administrative expenses 21.6 20.9 4%
Adjusted EBITDA* 106.8 138.5 -23%
Adjusted EBITDA margin* 60% 63% -3%
Finance Costs 20.1 33.5 -40%
Net profit 29.4 75.0 -61%
Adjusted net profit** 50.7 84.9 -40%
Adjusted EPS (US cents)** 14.54 24.22 -40%
Proposed final dividend per share (pence) 1.20 1.20 -
8
Trading Summary
Satisfactory results in a challenging market
Revenue reflects the impact of
the sustained low oil price and
subsequent pressure on certain
charter rates and vessel
demand
Adjusted EBITDA was US$
106.8 million with a margin of
60%
An impairment charge of US$
21.3 million recognised in cost
of sales relates to the non-core
assets and a leased vessel
Adjusted net profit after taxation
for the year was US$ 50.7
million
Final dividend held constant
year on year. Total dividend for
the year of 1.61 pence per share
(2.04 cents).
*Representing operating profit after adding back depreciation and amortisation and, non-operational impairment charges in 2016.
**Representing operating profit after adding back non-operational impairment charges in 2016 and non-operational refinancing costs in 2015.
9
Revenue Analysis
Continued significant contribution from brownfield opex-led activities
Revenue by Segment in 2016
MENA
Europe
Revenue by Region 2016 2015
74%
26%
Small Class Vessels
Mid-Size Class Vessels
Large Class Vessels
Non-core Vessels
Revenue by Activity 2016 2015
Oil and Gas – Opex-led activities
Renewable Energy
76%
Oil and Gas – Capex-led activities 24%
43%
18%
38%
1%
-
80%
18%
2%
28%
72%
10
Managing our Costs Appropriately
Cash conservation and deleveraging are key priorities
Expect to deliver the previously announced annualised cash cost saving targets:
over 10% in our vessel operating costs
over 15% in our general and administrative costs
Cost-saving initiatives implemented include:
lowering of crew costs and overheads through reductions in headcount and salaries
achieving efficiencies within our supply chain and operations
reduction in rental costs for our principal yard and quayside space
No significant capital expenditure planned in 2017*, maintenance capex expected to be approximately
US$ 10 million per annum
*Assuming leased Small Class vessel is not purchased.
Continued focus on maximising utilisation, 70% for year – satisfactory overall
Lower charter rates reflecting some clients’ focus on costs over production
Average daily vessel opex decreased mainly through focus on cost saving initiatives
2016 Adjusted EBITDA margin of 60% (2015: 63%)
Strategic investment in new Large Class and Mid-Size Class SESVs validated by current higher utilisation of these vessels
11
Primary SESV Performance Indicators
Managing utilisation and costs appropriately to maximise margins
Small Class
(8 vessels)
Mid-Size Class
(3 vessels)
Large Class
(3 vessels)
Total SESVs
(14 vessels)
2016 2015 2016 2015 2016 2015 2016 2015
Utilisation 64% 96% 61% 100% 91% 100% 70% 98%
Average charter day rate
excluding hotel services (US$000)35 40 51 54 64 82 - -
Average daily vessel operating
costs (US$000)*9 10 13 17 14 21 - -
*Excluding periods that certain vessels were warm stacked.
12
Capital Structure
Stable balance sheet, with good liquidity and robust operating cash flows
(US$m) At 31 December 2016 At 31 December 2015
Cash at Bank 61.6 60.8
Bank Debt 423.6 365.1
Net Debt 362.0 304.3
Obligations under finance leases* 40.1 94.6
Strong cash generated from operations of US$ 126.3 million (2015: US$ 125.0 million)
Net debt leverage at 31 December 2016 was 3.4x Adjusted EBITDA, well below the maximum leverage ratio of 5x
At the year end the Group was in full compliance with all of its banking covenants and expects to remain so
Committed undrawn bank facilities of US$ 145.0 million at year end with debt facility maturing in 2021
Expected peak net debt level of around US$ 375.0 million in Q1 2017 before reducing to approximately US$ 335.0 million at
the end of 2017
*Finance lease obligation shown in 2016 includes an option to purchase the vessel in August 2017 which the Group is unlikely to exercise. The Group has no contractual
liability to purchase the vessel as no commitment has been made and it is excluded from bank covenant tests unless option exercised.
Operating ReviewDuncan Anderson
CEO
13
14
Expanding Capability through Innovation
Continual technological innovation and design enhancement of our SESVs, providing flexible, efficient and cost-effective
offshore support solutions tailored to our clients’ requirements
Expanded fleet has significantly increased the scope of GMS’ service offering, validated by the current higher utilisation
of new Large and Mid-Size Classes (management estimates currently fewer than 15 comparable SESVs globally)
World’s first well workover cantilever system on an SESV, broadening our range of well intervention services and
opening up new markets for GMS
Future increase in our offering, e.g. in-house integrated well services package, further differentiating GMS
15
Cantilever System – Status
Commissioning and
testing progressing well,
final sea trials expected
Q2 2017
First SESV capability to
deliver well intervention
services previously only
carried out by drilling
rigs, providing significant
cost savings
Very encouraging
interest from existing
and prospective clients
Expect to roll out
cantilever systems on all
our Large Class SESVs
in time as capability
realised
GMS Evolution’s cantilever load testing to 250 tonnes
16
Outlook
Modern fleet, leading operational expertise and expanding technological capability
Focus remains on maximising utilisation
Increasing tender activity - significant opportunities for GMS in core regions
Expect the pace of recovery to build momentum, with utilisation increasing ahead of day rates
Optimistic about pioneering cantilever potential – good level of interest from existing and prospective clients
Key priorities: cost management, cash conservation, maintain stable capital structure and deleveraging
Well-positioned to capitalise on new contract opportunities and grow the business as markets recover
Thank you – Any Questions?
Clients
Core Strengths and Competitive Advantage
SESV Cantilever System v Drilling Rig
Fleet Overview – High specification premium
fleet
Fleet Overview – Three classes of vessels
serve a range of client needs
Large Class SESV Overview
Mid-Size Class SESV Overview
Small Class SESV Overview
Significant Barriers to Entry
In-House Construction Facility
Fluid and Flexible New Build
Programme.
Historic Results
Board Composition
18
Appendices
Oil and Gas
Renewable Energy
19
Clients - a well-diversified blue chip client base
20
Core Strengths and Competitive Advantage
Well-positioned to manage the current industry challenges
YOUNG TECHNICALLY
ADVANCED FLEET
COST EFFECTIVE
FLEXIBLE
FASTER
BARRIERS TO ENTRY
HSE PERFORMANCE
OPERATIONAL
EXPERTISE
EXPERIENCED
MANAGEMENT TEAM
The youngest fleet in the industry due to GMS’ new build and replacement programme.
GMS builds and maintains its fleet at its yard in the UAE to international standards with construction, modification and repairs significantly cheaper and more time-efficient compared to third party yards.
Being both builder and operator, GMS can efficiently tailor vessels to clients’ requirements.
GMS SESVs frequently supplant drilling rigs.
Faster moves in-field than conventional jackups and no need for anchor handling or tug support.
Successfully operating SESVs in GMS’ markets presents significant barriers to entry for new entrants and incumbents.
Strong HSE record across our global operations.
40 years of operational experience.
Strong proven track record of delivering successful operational and financial performance.
21
SESV Cantilever System v Drilling Rig
A compelling low-cost solution for clients’ well servicing operations
GMS is the first to introduce a cantilever capability on a self-propelled SESV, significantly increasing our market
opportunities. Allowing delivery of well intervention services previously only carried out by drilling rigs including:
Change out of electric submersible pumps
Completions
Running casing
Plugging and abandonment
Light drilling
An SESV, with a cantilever system, can complete work in one location and be operational at a new location in less than
one day compared to around three days or more for a drilling rig, this is because it has:
Faster jacking capability
No need for costly towing tugs
Quicker transit time between locations
Less downtime waiting for clear weather window to move location
The combination of the above capabilities and efficiencies provides a circa 25% time saving on an average well intervention
activity compared to the same activity performed by a drilling rig (excluding any further economies that may be achieved
from lower SESV charter rates)
Significant interest in the cantilever system from existing and potential clients
We expect to roll this out on all our Large Class SESVs over time as value recognised by clients
22
Fleet Overview
High specification premium fleet
Flexible fleet results in high vessel utilisation
GMS
fleet
Jackup
drilling rigs
Semi-
subs/Constructi
on vessels
Accommodation
rigs
WTIVs (3)
Construction and Maintenance
Construction &
installation support✓ ✗ ✓ ✗ ✗
Maintenance
support✓ ✗ ✓ ✗ ✗
Diving support✓ ✓ ✗
✗✗
Accommodation ✓ ✗ ✓ ✓ ✗
Remove/decommiss
ion topside modules ✓ ✗ ✓ ✗ ✗
Well Servicing & EOR
Coiled tubing ✓ ✓ ✗ ✗ ✗
Wireline ✓ ✓ ✗ ✗ ✗
Well workover ✓ ✓ ✗ ✗ ✗
Well testing/early
production✓ ✓ ✗ ✗ ✗
Wind
Installation ✓ ✗ ✓ ✗ ✓
Maintenance &
Repair ✓ ✗ ✓ ✗ ✓
(1) Applies to Large and Mid-Size Vessels only. (2) Age at 1 March 2015.
(3) WTIVs have the potential to offer construction & maintenance support and well servicing activities, subject to fulfill ing legislative H.S.E. requirements.
Flexibility
and
Cost
Efficiency
Mobility Fleet self-propelled
Rig move Faster jacking time
Accurate
Positioning
Large and Mid-
Sized both DP2
Accommodation
Capacity
50 PoB to a total of
300 PoB
Weather
Tolerance
Ability to operate in
harsh weather
conditions(1)
Reliability
Operator
Experience
In excess of 35
years
Technically
Advanced and
Young Fleet
Under 10 years old
on average (2)
Safety
Operator SafetyNo serious incidents
UKCS qualified
Number Stable 4-legged
platform
Comparative Vessel Capabilities
8 units
Avg age: 12 yrs (9yrs excl Naashi)
Water Depth: 45m
Accomodation for up to 300 people
600m2 Deck Area
Main Crane: 36 / 45 Tonne
3 units
Age: 2 yrs
Water Depth: 55m
Accommodation for up to 300 people
850m2 Deck Area
Main Crane: 150 Tonne
Harsh weather capable
4 units
Avg age: 4 yrs
Water Depth: 65-80m
Accommodation for up to 300 people
1000m2 Deck Area
Main Crane: 300 / 400 Tonne
Harsh weather capable
23
Fleet Overview
The vessels are constructed and maintained at the GMS yard in the UAE
This provides cost-effective construction facilities, which can often deliver cost savings per vessel
Production can be scaled up and down rapidly and is flexible for new vessel designs
Large Class Mid-Size Class Small Class
Three classes of vessels serve a range of client needs
24
Large Class SESV Overview
Main crane 300 tonnes & 400 tonnes
Heavy oil & gas lifting
Wind turbine installation
Up to 80m water depth
capability 94.2m to 100m leg length
Able to work in up to 80m
water depth, and 50m in
harsh environments
Large deck area 1000m2 deck area
Ability to carry oil & gas
equipment, wind turbines
Four-leg design Stable and more
positioning flexibility
Faster rig jacking
Reduces punch-through
risk
Accommodation Accommodates
150 people
which can be
expanded to 300
Self-propelled Speed of 8 knots
Can carry load from shore
to job location
Eliminates need for tugs or
support vessels
Reduced mobilisation time
and significant cost savings
Dynamic positioning Dynamic positioning
system (DP2)
Fast and precise
positioning at location
Variable load 1400
tonnes
Offering higher
technical and
operational capabilities
Harsh weather
capabilities, opened up
SNS market
Fully complies with the
latest MOU and meets
all of the SNAME(1)
requirements
Gusto MSC
2500X design
GCC
North West Europe
South East Asia,
West Africa
Priority regions
of operation
(1) The Society of Naval Architects and Marine Engineers.
The flagship of the GMS fleet
25
Mid-Size Class SESV Overview
Proven technology with
high reliability and
flexibility
Harsh weather
capability
Gusto MSC NG1800-X
Design
GCC
North West Europe
South East Asia
West Africa
Main crane 150 tonne main
15 tonne auxiliary
55m water depth capability
75m leg length
Large deck area 850m2 deck area
Variable load – 800 tonnes
Four-leg design Stable and more positioning
flexibility
Faster rig move
Reduces punch-through risk
Accommodation Accommodates 150 people
which can be expanded to
300
Self-propelled Speed of 7 knots
Can carry load from shore
to job location
Eliminates need for
tugs or support vessels
Reduced mobilisation time
and significant
cost savings
Dynamic positioning Dynamic positioning system
(DP2)
Fast and precise positioning
at location
New generation addition to the GMS fleet
Areas of
operation
26
Small Class SESV Overview
Proven technology with
high reliability and
flexibility
Units constantly tested
and very well known in
the core Arabian Gulf
market
Wärtsilä design
GCC
South East Asia
West Africa
Areas of
operation
Main crane 36-45 tonnes
Oil & gas lifting
45m water depth capability 68m leg length
Able to work in
45 m water depth
Large deck area 600m2 deck area
Four-leg design Stable and more positioning
flexibility
Faster rig move
Reduces punch-through risk
Accommodation Accommodates 150 people
which can be expanded to
300
Self-propelled Speed of up to 4 knots
Eliminates need for tugs
and support vessels
The backbone of the GMS fleet
27
Significant Barriers to Entry
Replicating GMS’ fleet and operations could take at least four years and would require significant investment and would still not be able to realise the benefits of GMS’ longer
operational track-record or integrated model
Successfully operating SESVs in GMS’ markets has a number of challenges for new entrants and incumbents:
GMS SHAMAL and GMS SCIROCCO GMS SHAMAL and GMS SCIROCCO
NOC pre-qualification 1 – 2 years
Operational experience is explicitly required
Strong safety performance
Extensive accreditation process –harsh weather capability essential
Few qualified SESV operators
GMS’ in-house construction facility offers significant savings when compared to purchasing from a third party shipyard
GMS’ extensive operational experience is used to maximise the design of its vessels thereby offering the greatest operational efficiencies to clients
Customers unlikely to pre-contract inhibiting debt financed new builds
Operational Track Record Essential to Secure Contracts
Safety Case Required for North West Europe O&G work
Capital Intensive Business1 2 3
28
In-House Construction and
Modification Facility
Competitive advantage in a challenging environment
GMS SHAMAL and GMS SCIROCCO
First class yard facility at Zayed Port, Abu Dhabi
Fabrication and logistical base with the capacity to assemble / outfit three
vessels concurrently
No third party work performed. Focussed on GMS SESVs
Strategic Location
Full in-house project management and technical supervision capabilities
Direct control of new build construction, with cheaper build we are better
placed to secure contracts
Enhanced offering (bespoke build/modifications) provides clients with cost-
saving solutions, especially relevant in the current low oil price environment
Proven track-record of on time delivery
Flexible cost and operating structure facilitating timely manpower ramp up
or downscaling
Competitive Advantage
Two Mid-Size Class SESVs under construction
at the Group’s in-house facility in Abu Dhabi.
29
Fluid and Flexible New Build Programme
A number of vessels can be simultaneously at various stages of the build programme e.g. procurement occurs throughout the entire process with some components added at the end
Commissioning.
The operations department
receives the vessel.
The project management and
supervision is carried out by
GMS’ technical department.
GMS has the ability to ramp
up manpower to handle
simultaneous construction of
two Large Class vessels.
GMS-assembled vessels
undergo inspection by class
to certify them for operations
in the Arabian Gulf and
Southern North Sea.
Hulls and steel structures are
outsourced to competitive
yards in China, which are
then shipped to GMS’ facility
in the UAE for assembly and
outfitting.
The construction is managed
full time by GMS project
management and technical
staff, including testing,
commissioning and trials.
Components are produced
from renowned suppliers
around the world.
Strong relationships with core
set of suppliers to reduce
dependencies on one single
supplier.
All key components are
inspected by third party
inspectors.
Procurement of
Vessel
Components
Hull
ConstructionAssembly
Commissioning
and Delivery
6 months 12 months
0
50
100
150
200
250
2011A 2012A 2013A 2014A 2015A
30
Historic Results
Revenues Adjusted EBITDA (1) and Margin
SESVs Fleet Utilisation Rates (2)
0
20
40
60
80
100
120
140
160
2011A 2012A 2013A 2014A 2015A
106.9
142.6
184.3196.6
100%
80%
60%
40%
65% 66% 68% 64%
69.5
94.6
124.7 124.8
$
m$
m
EB
ITD
A M
arg
in (
%)
8 9 9
Revenue Adjusted EBITDA Adjusted EBITDA Margin
Number of operating vessels at year end
(1) Calculated as net profit before tax plus depreciation of property, plant and equipment, amortization of intangibles and dry docking expenditure, share appreciation rights, net finance cost and foreign exchange losses; minus miscellaneous
income, foreign exchange gains and any one-off or non-recurring costs.
(2) Calculated as average between Large, Mid-size and Small Vessels. Based on total Large, Mid-size and Small Vessel days available, including days of planned maintenance and mobilisation.
219.7 138.5
13
63%
0
20
40
60
80
100
2011A 2012A 2013A 2014A 2015A
10
98%97%
78%
97% 94%
Operational and financial performance - a successful track record
31
Board Composition
Non-Executive Chairman at Kaz Minerals plc
Non-Executive Chairman at Marex Spectron
Multiple previous directorships and executive positions
UK Chartered Accountant , degree in Philosophy, Politics and Economics
Joined GMS in 2007
Previously COO of Lamnalco Group and Gulf Offshore
UK Chartered Engineer, BSc (Hons) Marine Machinery Monitoring Control
Capital programme consultancy work
Previously independent Non-Executive Director and Chairman of the Audit Committee at Telecity
Group
Previously NED of Arriva and THUS Group
UK Chartered Accountant, MA in Geography
Chairman of the Board at Vanguard Natural Resources LLC (NASDAQ)
Non-Executive Director of Soma Oil & Gas
Previously, CFO at Eurasia Drilling Company and Board member
37 years’ experience in oil & gas industry related finance
US Certified Public Accountant, BSc in Business, MA in Taxation
Co-Founder and CEO of Gulf Capital
Previously CEO of The National Investor
Over 21 years' experience in private equity investment banking and real estate
US B.S Degree in Civil Engineering, Doctorate in Economics (France)
Simon Heale:
(Chairman)
Independent Non-
Executive Chairman
Duncan Anderson:
Chief Executive Officer
Simon Batey:
Senior Independent
Non-Executive Director
Richard Anderson:
Independent Non-
Executive Director
Dr Karim El Solh:
Non-Executive Director
Contact
T: +971 (2) 502 8888
W: www.gmsuae.com
John Brown - Chief Financial Officer
Anne Toomey - Investor Relations Manager
